NEW YORK CITY AND RYE, N.Y., AND SHELTON, CONN. — Windsor Management Corp. has received $58 million in four separate financing transactions for office properties in New York and Connecticut. In the first loan, the company received $25 million in refinancing for a 122,630-square-foot office building located at 37 W. 26th St. in Manhattan. The 98-percent occupied property is leased to The Flatiron Room, Hog Pit BBQ and Grey Bar on the ground floor and a variety of office tenants on the upper floors. In the second deal, Windsor received $8.5 million in refinancing for a 35,916-square-foot office building located at 256 W. 36th St. in Manhattan’s Garment District. The property is fully occupied by a variety of office tenants and a clothing retailer. In the third loan, the company received $16 million in acqusition financing for a 118,658-square-foot office building located at 411 Theodore Fremd Ave. in Rye. The property is fully occupied and leased to Acadia Realty Trust, Regis and USAlliance Financial, among other tenants. In the fourth transaction, Windsor received $8.5 million in refinancing for a 163,287-square-foot office property located on 16 acres in Shelton. The property was 92 percent leased at the time of the transaction. …
COLLEGE STATION, TEXAS — Metropolitan Capital Advisors has arranged $2.8 million in financing to 505 University Center LLC for the acquisition of 505 Center, a retail center located along University Drive in College Station. At the time of sale, the 33,766-square-foot property was fully occupied by a variety of national and regional tenants, including Fox & Hound, Edward D. Jones & Co., Aggieland Eye Care and Cavalier Cigar. Sunny Sajnani and Duke Dennis of Metropolitan Capital arranged the financing through Texas-based The Bank & Trust.
NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.
VICTORIA, MINN. — Grandbridge Real Estate Capital has arranged a $14.6 million loan for the construction of a multifamily property in Victoria, about 13 miles southwest from Minnetonka. Victoria Flats will include 81 apartment units. Dave Rasmussen of Grandbridge originated the transaction. A regional bank served as the lender. The Beard Group Inc. is the project developer.
FALLS CHURCH, VA. — Phillips Realty Capital has arranged a $90 million permanent loan for West Broad Residences, a newly built seven-story mixed-use complex in Falls Church, roughly nine miles west of Washington, D.C. Developed by Rushmark Properties, the property features 285 residential units, a 60,000-square-foot Harris Teeter grocery store, 2,250 square feet of ancillary retail space and an underground parking garage. West Broad’s apartments began leasing in January and the Harris Teeter opened in July. Stephen Shaw Jr., John Sieber Jr. and Emily Beeler of Phillips Realty Capital arranged the financing on behalf of Rushmark Properties.
NEW YORK CITY — Natixis has originated a $75 million construction loan for the development of 500 Metropolitan Avenue, a mixed-use project located at the corner of Keap Street and Metropolitan Avenue in Brooklyn’s Williamsburg neighborhood. The borrowers are Chetrit Group and Read Property Group. Once completed, the 14-story property will feature a 187-room luxury hotel on the second through seventh floors and 60 residential units on the remaining floors. Additionally, the property will feature a 15,000-square-foot retail space, a 158-space parking garage and 9,000 square feet of indoor meeting and banquet facilities. The financing was arranged by the New York office of Meridian Capital.
CLEVELAND — Cleveland-based Bellwether Enterprise has arranged a $125 million loan for the refinancing of a 10-property portfolio of assets located in Ohio and Texas. A full-term, interest-only loan was secured for the borrower, Fath Properties. Sara Behrman of Bellwether originated the loan through Freddie Mac. The entire portfolio consists of over 3,000 units across 10 multifamily properties between the two states. Six of the properties, or 2,065 units, are located in the greater Cincinnati/Dayton marketplace.
ROSEVILLE, MINN. — CBRE has secured $18 million in refinancing for Rosedale Marketplace in Roseville, north of St. Paul. The 153,400-square-foot retail property includes tenants such as Total Wine, Hobby Lobby, Cost Plus World Market and Men’s Warehouse. Doug Seylar of CBRE originated the financing. The new financing allowed the borrower to retire the existing debt on the property. The owner, Rosedale Marketplace Associates LP, is an entity affiliated with Canada-based Tanurb Development Inc., the original developer of the property that was constructed in 1989. CBRE secured a new mortgage for Rosedale Marketplace through its relationship with Morgan Stanley.
DAVENPORT, IOWA — Dougherty Mortgage LLC has arranged a $3.8 million Fannie Mae loan for the acquisition of Castlewood Apartments in Davenport, part of the Quad Cities and located near the Illinois border. The 96-unit multifamily property offers two- and three-bedroom townhomes. The 16-year loan features a 30-year amortization schedule. In conjunction with the loan, tax credit equity will also be used to fund the moderate rehabilitation of the project. Dougherty’s Minneapolis office arranged the financing on behalf of the borrower, Davenport MAHC LLLP.
HOUSTON AND BRAZORIA COUNTY, TEXAS — LMI Capital has placed financing for the acquisition and refinance of three separate garden-style apartment complexes in the Greater Houston area. In the first loan, Brandon Brown of LMI Capital procured $1.4 million in financing for the acquisition of a 50-unit apartment complex located in Brazoria County. The 20-year loan features one year of interest-only payments and a flexible prepayment structure. With this acquisition, the undisclosed borrower now owns 10 properties. In the second loan, Jamie Mullin of LMI Capital placed a $13 million, seven-year, floating-rate loan for a 260-unit multifamily property in southeast Houston. The refinancing provides cash out proceeds to the undisclosed borrower and features two years of interest-only payments. The borrower plans to use excess proceeds to return capital and fund future acquisitions. In the final loan, Brown also arranged a $9.6 million, 10-year fixed-rate loan for a 210-unit property in Houston’s Spring Branch submarket. The loan features five years of interest-only payments and minimal closing costs. The name of the borrower was not released.